Cross-border Tax Talks

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March 03, 2021

Trading places: Trade considerations for tax professionals

Doug McHoney (PwC's US International Tax Services (ITS) Leader) and Chris Desmond (PwC's Global Trade Services Practice Leader) discuss the global trade landscape. In addition to their prognostications for Major League Baseball's NL Central division, Doug and Chris cover: how trade and tax are interrelated; how businesses can structure their trade and tax groups to encourage coordination; the 'big picture' trade landscape both inside and outside of the US; recent changes to US trade regulations; Section 301 and how Section 301 tariffs operate; impacts that Katherine Tai—President Biden's nominee for United States Trade Representative—may have on US trade policy; what duty drawback is and how businesses can utilize it; global updates to digital service taxes (DSTs) and how Section 301 tariffs interrelate with DSTs; how practical it is for businesses to shift supply chains in light of tariffs; President Biden's 'Made in America' executive order and how it may impact multinational enterprises; the importance of modeling from both a trade and tax perspective; and final pieces of advice for taxpayers.­

Timestamps:

  • 00:49 - Major League Baseball prognostications
  • 04:23 - How trade and tax interrelate
  • 07:31 - How businesses can structure their trade and tax groups
  • 09:23 - The 'big picture' trade landscape
  • 13:24- Background and updates regarding Section 301 tariffs
  • 16:38 - What duty drawback is and how it operates
  • 19:31 - Digital service taxes (DSTs) and resulting Section 301 investigations
  • 25:11 - Shifting supply chains as a result of Section 301 tariffs
  • 28:04 - President Biden's Made in America executive order
  • 32:54 - Key takeaways

 

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Doug McHoney

International Tax Services Co-Leader, PwC US

Geoff Jacobi

ITS, Knowledge Management Managing Director, PwC US

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